PH Ranked 6th in the List of World’s Fastest Growing Economies
by: Karen Cayamanda
Wednesday, August 22, 2012
With an estimated growth rate of about 7.3 percent until 2050, the Philippines will be the 6th country in the Top 10 list of the world’s fastest growing economies. This is according to the Knight Frank and Citi Private Wealth’s 2012 Wealth Report.
Citi Chief Economist Willem Buiter said the Philippines is seen as one of the “global growth generators”. The country is followed by Mongolia with 6.9 percent growth rate, Indonesia with 6.8 percent, Sri Lanka with 6.6 percent, and Egypt with 6.4 percent.
For Q1 2012, the Philippines posted a growth rate of 6.4 percent, meeting the 6-7 percent growth target for this year. By 2016, the government aims to post a growth rate of 8.5 percent.
In the next 40 years, the economic crisis in Europe will affect the developed countries. These are expected to post a slower growth rate. According to the report, developing nations in Asia currently post a 27 percent share in the total economic output. This is predicted to reach 49 percent by 2050. On the other hand, total shares of North America and Europe will drop to 18 percent from 41 percent.